This bill establishes comprehensive disclosure requirements for providers of commercial financing in New Jersey, aiming to enhance transparency for recipients. It defines key terms such as "broker," "closed-end financing," and "finance charge," and mandates that providers disclose essential information when extending financing offers. This includes the total amount of financing, finance charges, estimated annual percentage rates (APR), total repayment amounts, payment amounts, and any additional fees or collateral requirements. The disclosures must adhere to guidelines set by the Commissioner of Banking and Insurance, who is also empowered to create regulations for additional disclosures related to other forms of commercial financing.

Furthermore, the bill requires brokers who charge fees or commissions to provide separate written disclosures detailing these charges and their impact on the APR. Providers must obtain a written or electronic signature from recipients on all required disclosures before proceeding with a financing application, although this is not necessary for incomplete transactions. The bill also includes provisions for penalties for non-compliance, specifies exemptions for certain entities and transactions, and protects providers from liability for errors in compliance if they notify recipients promptly. Overall, the legislation aims to ensure that recipients receive clear and comprehensive information about their financing options while establishing a framework for accountability among providers.